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Jamie K. Brooks sees big potential in South Los Angeles development, and is doing his part to bring retail stores to our community.
South Los Angeles has been ignored for years by major retailers, forcing residents to drive to West Los Angeles or the South Bay to purchase goods, while taking money out of the community. But Jamie K. Brooks of CB Richard Ellis is working to change that.
Brooks, a graduate of St. Bernard High School and Occidental College, is a Senior Associate with CB Richard Ellis. He specializes in commercial retail advisory acquisition and disposition services, tenant representation, landlord representation, and corporate user development transactions. He is considered a "market expert" in the South Los Angeles region, and he sees the potential in bringing major retailers to the area. He views South Los Angeles as an underserved community.
"Ten years ago if you drove down Crenshaw Blvd, and in some pockets of Inglewood and Compton, certain retailers would not have been available," Brooks said. "It has changed within the last ten years, but it still remains a serious problem."
South Los Angeles has the highest density figures throughout the Los Angeles County. Combine that with the traffic counts, Brooks says that the area is a retailer's dream. The population is so great, and the land is more affordable than in areas such as West Los Angeles and the South Bay, giving retailers a great opportunity to profit.
Brooks points to the development in Inglewood on Century Blvd, just west of Crenshaw Blvd., as a perfect example that retailers can do extremely well in our communities.
"That is an amazing story, and it makes our case study much easier to tell," Brooks said. "Inglewood has been used as a case study nationally for the need for credit retailers to identify and develop in urban areas, and it has shown success. A couple of the restaurants there (Chili's and Red Lobster) are among the highest producing restaurants in the region. That tells the story of the success that can be had by developing in these areas."
The Crenshaw Redevelopment plan is coming to fruition because of developments such as on Crenshaw Blvd. and Coliseum, where there is a Denny's, Big Five, Quiznos, Washington Mutual, Walgreen's, and Starbucks. Redeveloping the Baldwin Hills Plaza is another major project that is in the works.
These new developments will allow South Los Angeles residents to spend their money in their own community, and a portion of that money will be recycled back into the community because of the jobs that it will create.
The new developments will also remove blight from the community because abandoned buildings can be a hotbed from crime.
Brooks certainly is the right man for this job. Since 2003 he has participated in the underwriting and sale of over $200 million of retail and office transactions. His high profile clients have included Washington Mutual, Arden Regency Centers, and Lowe Enterprises.
Within the next five-to-ten years, Brooks efforts will bring more retailers to South Los Angeles, create more jobs, save residents the hassle of leaving the community to purchase goods, and make our community a much nicer looking place.